Teradyne Reports Third Quarter 2009 Results

Teradyne, Inc. (NYSE: TER) reported revenue of $262 million for the third quarter of 2009. Semiconductor Test revenue totaled $173 million and Systems Test Group revenue totaled $89 million. On a non-GAAP basis, Teradyne’s income from continuing operations in the third quarter was $24.8 million, or $0.14 per diluted share, which excluded restructuring charges, acquired intangible asset amortization and special items. GAAP income from continuing operations for the third quarter was $6.7 million, or $0.04 per diluted share.

Bookings in the third quarter of 2009 were $288 million of which $233 million was in Semiconductor Test and $55 million in Systems Test Group.

Guidance for the fourth quarter of 2009 is for revenue of $255 million to $270 million, with Non-GAAP net income per share of $0.12 to $0.17 and GAAP net income per share between $0.04 and $0.09. Non-GAAP guidance excludes restructuring charges, acquired intangible asset amortization and special items.

“Our Semiconductor and Systems Test businesses continued to gain strength through the quarter driving our return to operating profitability and positive outlook for Q4,” said Teradyne President and CEO Mike Bradley. “We reached a major milestone in our expansion into new markets as we received initial orders for the UltraFLEX-M high-speed memory test system.”


A webcast to discuss third quarter 2009 results, along with management’s business outlook will be held at 10 a.m. EDT, Thursday, October 29. Interested investors should access the webcast at www.teradyne.com and click on “Investors” at least five minutes before the call begins. The webcast replay will be available on www.teradyne.com . In addition, a conference call replay will be available approximately two hours after the call. The replay number in the U.S. & Canada is 800-642-1687. The replay number outside the U.S. & Canada is 706-645-9291. The pass code for both numbers is 36016837. The replay will be available via phone and web site through November 13, 2009.

Non-GAAP Results

In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Teradyne reports non-GAAP results in order to better assess and reflect operating performance. Management believes the non-GAAP measures help indicate Teradyne’s baseline performance before gains, losses or other charges that may not be indicative of our current core business or future outlook. Teradyne believes these non-GAAP measures will aid investors’ overall understanding of its results by providing a higher degree of transparency for certain expenses and providing a level of disclosure that will help investors understand how Teradyne plans and measures its own business. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on “Investors” and then selecting the “GAAP to Non-GAAP Reconciliation” link. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

About Teradyne

Teradyne (NYSE:TER) is a leading supplier of Automatic Test Equipment used to test complex electronics used in the consumer electronics, automotive, computing, telecommunications, and aerospace and defense industries. In 2008, Teradyne had sales of $1.1 billion. For more information, visit www.teradyne.com . Teradyne(R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries. All product names are trademarks of Teradyne, Inc. (including its subsidiaries) or their respective owners.